Trump touts climate savings but new rule set to push up US prices

The Trump administration announced the repeal of the endangerment finding, a legal basis for federal climate regulations, claiming it would save the US $1.3 trillion by 2055. According to the EPA's regulatory impact analysis, the savings would come from reduced vehicle prices and decreased electric vehicle purchases. However, the analysis also indicates that the repeal will lead to $1.5 trillion in additional costs through increased fuel purchases, vehicle maintenance, and other factors. Environmental groups, like the Natural Resources Defense Council, argue that the costs outweigh the benefits, even before considering social and climate impacts. The EPA contends that the move is lawful and ends previous administrations' overreach. The analysis suggests benefits could outweigh costs only under a scenario of severely lowered fuel prices, based on an Energy Information Administration report.

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